BREAKING NEWS

Egypt's pound strengthens at Wednesday's central bank sale

By REUTERS

JULY 10, 2013 13:25

CAIRO - The Egyptian pound strengthened at a central bank sale of foreign exchange on Wednesday, for the third time since the military removed Islamist President Mohamed Mursi from power one week ago.

The central bank sold $38.8 million to banks, with the cut-off price at 6.9992 pounds to the dollar compared to 7.0097 pounds at Monday's sale, the banker said.

The central bank introduced the currency sales, held three times a week, at the end of December to help stave off a currency crisis and thwart a run on the pound.

Since then, the bank has allowed the currency to lose 12 percent of its value on the official market.

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